Who are interested persons in the case of Charitable Trust, NGO, Charitable Society, Section 25 Companies and Charitable entities? Who are relatives? List of interested persons and relatives.

In case of Charitable organizations interested persons and relatives have important role. The genuineness of the charity may be questioned due to amount spend for the benefit of specified persons. In the Income Tax Act interested persons and relatives are defined as under:-

 

 

Who are interested persons?

Interested persons may be:-
1. The author of the trust or the founder of the institution.
2. Any person who has made a substantial contribution to the trust or institution that is to say, any person whose total contribution up to the end of the relevant previous year exceeds fifty thousand rupees.
3. Where such author, founder or person is a Hindu undivided family, a member of the family.
4. Any trustee of the trust or manager, (by whatever name called) of the institution.
5. Any relative of any such author, founder, person, member, trustee or manager as aforesaid.
6. Any concern in which any of the persons referred to in clauses 1,2,3,4 and 5 (above) has a substantial interest.

 

Who are Relatives?
Relatives may be:-
1. Spouse of the individual.
2. Brother or sister of the individual.
3. Brother or sister of the spouse of the individual.
4. Any lineal ascendant or descendant of the individual.
5. Any lineal ascendant or descendant of the spouse of the individual.
6. Spouse of a person referred to in 2,3,4 or 5 above.
7. Any lineal descendant of a brother or sister of either the individual or of the spouse of the individual.

PAN

Income Tax PAN FAQ, Answers & Guidance

Tax Audit

What is the turn over limit for tax audit? Who needs to get audited the accounts under section 44AB?

Taxation on Charitable Trust and NGO

What is authority structure in case of Charitable Trust, Charitable Society, Non Governmental Organizations (NGO), Section 25 Companies and other exempted institutions?

What is the definition of Charitable Purpose? Section 2(15) of Income Tax Act- Relief to poor, Education, Medical Relief, other public utility services- Latest amendments

How to register with Income tax under Section 12A by NGO, Section 25 Company, Charitable Trust and Society? Is it necessary to Register?

What is approval u/s 80G(5)? Is it necessary for a charitable Institution? How to apply for it? What is the use of approval u/s 80G(5) for Charitable Trust, Charitable Society, Non Governmental Organizations (NGO), Section 25 Companies and other exempted institutions?

Is exemption of Income to NGO, Section 25 Company, Charitable Trust and Society can forfeiture? Provision in Section 13 for forfeiture of Exemption

What is notification u/s 35(1)(ii)/(iii)? How to apply by scientific research association, a university, college or other institutions? What is the use?

What are the modes and forms of Investment specified u/s 11(5) in the case of Charitable Trust, NGO, Charitable Society, Section 25 Companies and Charitable entities

How Charitable Institutions are assessed for Income Tax? Accumulation of surplus and utilization of NGO, Section 25 Company, Charitable Trust and Society

Who are interested persons in the case of Charitable Trust, NGO, Charitable Society, Section 25 Companies and Charitable entities? Who are relatives? List of interested persons and relatives

Home     About Us     Privacy Policy     Disclaimer    Contact Us  Sitemap